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20121114
20121114
Search Results 0 to 4 of about 5 (some duplicates have been removed)
over the fiscal cliff affect your money? that's what we're talking about next. steve liesman does some cliff diving and breaks down the numbers on what it means to you and mean. >>> then, two professional negotiators have been listening to what the president is saying that he wants and what speaker john boehner said he wants to avoid. do they think we'll have a deal or no deal? you're going to want to hear what both of them have to say. they're coming up next. you're watching the "closing bell." stick around. >>> welcome back. well, the countdown is on. lawmakers in washington have just 47 days to reach a deal on the fiscal cliff or risk massive tax increases and massive spending cuts. senior economist reporter steve liesman is breaking down how going off the cliff will impact you. >> if it's not clear to people how the fiscal cliff will affect their wallets, i think this report will make it clear how it's going to mean real money out of your wallets. according to the tax policy center, this is the fiscal cliff and your taxes. if you're in the lowest, second, fourth, or middle quin til
which state you're in, but it's coming. [ticking] >> welcome to 60 minutes on cnbc. i'm steve kroft. in this edition, we look at three stories linked by the financial collapse of 2008. first, we examine a scam that's cost thousands of americans their homes. then we look into wall street's shadow market of credit default swaps. finally, a report on the perilous state of state finances. we begin with the foreclosure crisis. in the aftermath of the great recession, the huge number of foreclosed properties was a significant factor in weighing down the economy. many were stuck on the market for an unexpected reason: the banks couldn't find the ownership documents. as scott pelley first reported in april 2011, lenders wanting to evict people found that often, the legal documents behind the mortgages simply weren't there. caught in a jam of their own making, some companies appeared to have resorted to forgery to throw people down on their luck out of their homes. >> these folks on the street aren't homeless. they slept on the sidewalk because they want to keep their homes. facing foreclosu
, steve? >> is this japan? >> they shouldn't be increasing the quota? >> why? >> because they have no idea about the stocks. they try to pretend there's one stock in the mediterranean, one stock in the atlantic, they have no idea. it's bad data leading to bad decision. >> if earn to take this conversation, you know what it would lead to? the tragedy of the commons. >> good point. >> when there's ownership of something, you conserve. when anybody -- everybody going after the same thing, they figure if i don't do it, somebody else is going to do it. if you own timber, every time you take down a tree, you plant two more. >> much better about protecting the resource and the europeans contend they have their own stock. but we've shown through the tagging data that these fish go across the mediterranean to the atlantic, up and down the coast, it's an extraordinary fish, a good one to preserve. >> okay. >> okay. >> let's go back to steve since you're there. you've got an interesting report, and i promise you i'll be listening very carefully about the fiscal cliff and who is going to be impacted.
? the answer is different groups will be affected very differently. steve liesman has more on the numbers. >> what we do know is if we go over the cliff, no change in what is mandated by those rules. everybody will pay more. we've divided up the country into quintiles, one-fifth, one-fifth, one-fifth. here's what happens with the cliff. for the lowest they go up by 3.7%, second 4.1%. if you're in the middle, where most people are, up 3.8% all the way to the top, 5.8%. what about the top 1%? their numbers go up by 7.2%. here's a way to think about it. this is what thelma and louise would pay extra if they went over the cliff. here's what mr. thurston howell would pay if they went over the cliff. let's take a look at the actual dollar values beyond percentage points. we know we have health care law taking effect and that will only affect the top fifth. here's your dollar values for the income bracket ets is. add on the amt, when they expire, get rid of the bush tax cuts. for the wealthy, a big chunk. it goes down to the second quintile. we get rid of some payroll tax cuts. down the line f y
Search Results 0 to 4 of about 5 (some duplicates have been removed)